NMLS EXAM STUDY GUIDE RESPA
Questions and Answers
1.This act provides consumer protection for loans on residential
properties of 1-4 units.
Answers Real Estate Settlement Procedures Act (RESPA)
2. can be given in exchange for the referral of business with the
exception of real estate brokerage firms that are allowed to exchange
referrals between themselves.
Answers Nothing of Value
3.A may include gift cards, sports tickets, advertising space,
marketing material bearing a real estate agent's information to give to
his/her client, etc.
Answers Thing of Value
4.True or False Promotional items with the company logo are permitted to
be given.
Answers True (Promotional items with the company logo are permitted
to be given)
5.What regulation is RESPA?
Answers Regulation X
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, 6.Primarily involved with the disclosure of closing costs and the
prevention of kickbacks, which may raise the closing costs to the
consumer
Answers RESPA (Regulation X)
7.Enforces the RESPA regulations. HUD was the previous enforcer.
Answers Consumer Financial Protection Bureau
8.True or False RESPA applies to loans secured by commercial properties.-
Answers False (RESPA does NOT apply to loans secured by commercial
properties)
9.RESPA does not apply to (unless a dwelling is intended to be
constructed on the land within two years)
Answers Vacant Land
10.RESPA does not apply to properties containing or more
acres
Answers 25 or more acres
11.True or False RESPA does not apply to temporary financing, such as
bridge loans and construction loans.
Answers True
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15
Questions and Answers
1.This act provides consumer protection for loans on residential
properties of 1-4 units.
Answers Real Estate Settlement Procedures Act (RESPA)
2. can be given in exchange for the referral of business with the
exception of real estate brokerage firms that are allowed to exchange
referrals between themselves.
Answers Nothing of Value
3.A may include gift cards, sports tickets, advertising space,
marketing material bearing a real estate agent's information to give to
his/her client, etc.
Answers Thing of Value
4.True or False Promotional items with the company logo are permitted to
be given.
Answers True (Promotional items with the company logo are permitted
to be given)
5.What regulation is RESPA?
Answers Regulation X
1/
15
, 6.Primarily involved with the disclosure of closing costs and the
prevention of kickbacks, which may raise the closing costs to the
consumer
Answers RESPA (Regulation X)
7.Enforces the RESPA regulations. HUD was the previous enforcer.
Answers Consumer Financial Protection Bureau
8.True or False RESPA applies to loans secured by commercial properties.-
Answers False (RESPA does NOT apply to loans secured by commercial
properties)
9.RESPA does not apply to (unless a dwelling is intended to be
constructed on the land within two years)
Answers Vacant Land
10.RESPA does not apply to properties containing or more
acres
Answers 25 or more acres
11.True or False RESPA does not apply to temporary financing, such as
bridge loans and construction loans.
Answers True
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15
